COVID-19 Support For Canadians
Due to the impact of the COVID-19 outbreak, there have been changes in how the majority of the world is conducting business. At Williamson Accounting we are well-positioned to assist our clients while we fight this virus.
We currently provide services to many of our clients remotely and can make alternate arrangements while meeting the government protocols that are in place.
Various programs are available to help Individuals and Businesses that have been financially impacted by COVID-19. Where some programs have ended others have started.
We currently provide services to many of our clients remotely and can make alternate arrangements while meeting the government protocols that are in place.
Various programs are available to help Individuals and Businesses that have been financially impacted by COVID-19. Where some programs have ended others have started.
Employers can apply to receive part of their employee wages as a subsidy. Applications are also retroactive for prior periods.
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The Canada Recovery Benefit (CRB) gives income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits.
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Originally launched on April 9, 2020, CEBA is intended to support businesses by providing interest-free loans up to $40,000.
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The Canada Recovery Sickness Benefit (CRSB) gives income support to employed and self-employed individuals who are unable to work because they are sick or need to self-isolate due to COVID-19.
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The CERB gives financial support to employed and self-employed Canadians who are directly affected by COVID-19. The program has ended and replaced by (CRB), however, applications are retroactive until December 2, 2020.
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The Canada Emergency Student Benefit (CESB) provided financial support to post-secondary students and recent post-secondary and high school graduates who were unable to find work due to COVID-19. The applications closed on September 30, 2020.
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Stay on top of your filing requirements.
Covid-19 Tax Filing Due Dates
Individual Due Dates
RRSP Contributions-March 1, 2020
The deadline for contributing to an RRSP for the 2019 tax year. The limit for RRSPs is 18% of the previous year's earned income or $26,500 whichever is lower less the Pension Adjustment (PA).
Personal Income Tax Return Filing Due Date June 1, 2020 (Normally April 30, 2020)
The Government is deferring the filing due date for the 2019 tax returns of individuals. For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020. They will also allow any new income tax balances due, or installments, to be deferred until after September 30, 2020, without incurring interest or penalties.
The deadline for contributing to an RRSP for the 2019 tax year. The limit for RRSPs is 18% of the previous year's earned income or $26,500 whichever is lower less the Pension Adjustment (PA).
Personal Income Tax Return Filing Due Date June 1, 2020 (Normally April 30, 2020)
The Government is deferring the filing due date for the 2019 tax returns of individuals. For individuals (other than trusts), the return filing due date will be deferred until June 1, 2020. They will also allow any new income tax balances due, or installments, to be deferred until after September 30, 2020, without incurring interest or penalties.
Self-employed Due Dates
Filing Due Date- June 15, 2020 (No Change)
The due date for personal tax returns of individuals with self-employed business income, or spouses/common-law partners of taxpayers with self-employed business income. Any balance owing must be paid by September 30, 2020.
Second Personal tax installment due from taxpayers who are required to remit quarterly
The due date for personal tax returns of individuals with self-employed business income, or spouses/common-law partners of taxpayers with self-employed business income. Any balance owing must be paid by September 30, 2020.
Second Personal tax installment due from taxpayers who are required to remit quarterly
Corporations Due Dates
Businesses will have more time to pay Corporate tax balances
All businesses can defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as installments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
December Calendar Year-End Filing Due Date- June 1, 2020 (Normally March 31, 2020)
Deadline for Corporation with a calendar year-end of December 31, 2019, to file their corporate tax return, so as not to incur interest charges on amounts owing. The due date for paying balances is September 30, 2020.
Deadline to file annual HST return for Corporation with a December year-end.
All businesses can defer, until after August 31, 2020, the payment of any income tax amounts that become owing on or after March 18 and before September 2020. This relief would apply to tax balances due, as well as installments, under Part I of the Income Tax Act. No interest or penalties will accumulate on these amounts during this period.
December Calendar Year-End Filing Due Date- June 1, 2020 (Normally March 31, 2020)
Deadline for Corporation with a calendar year-end of December 31, 2019, to file their corporate tax return, so as not to incur interest charges on amounts owing. The due date for paying balances is September 30, 2020.
Deadline to file annual HST return for Corporation with a December year-end.
Deferral of GST/HST Remittances
The CRA will allow all businesses to defer, until the end of June 2020, any GST/HST payments or remittances that become owing on or after March 27, 2020, and before June 2020. This means that no interest will apply if your payments or remittances are made by the end of June 2020.
This includes HST/GST installment payments that are due April 30, 2020.
Note: The deadline for businesses to file their returns is unchanged. Those who are able to should continue to file their GST/HST returns reporting their net tax payable for the period.
This includes HST/GST installment payments that are due April 30, 2020.
Note: The deadline for businesses to file their returns is unchanged. Those who are able to should continue to file their GST/HST returns reporting their net tax payable for the period.